Financial & business services
Fife has a long history within the Financial and Business Services sector.
In 1802 The Fife Banking Company was established at Cupar to provide working capital for the local agricultural industry.
Fife is part of the Edinburgh City Region, UK’s second, and Europe’s fourth largest centre of financial and business services. It employs over 150,000 people in the sector with more than 18,000 of them working in Fife.
The Edinburgh City Region has more FTSE 100 headquarters than any other UK city outside of London. This includes some of the largest financial services sector companies such as the Royal Bank of Scotland Group, Standard Life, AEGON UK, Scottish Widows, Baillie Gifford, Tesco Personal Finance and Sainsbury’s Bank. In particular, Scotland is home to 24% of all UK’s Life and Pension workforce.
Fife is the City Region’s centre for Business Process Outsourcing (BPO) and Shared Services. Nearly five thousand people are employed in Fife’s shared services centres which generates a turnover of nearly £500 million each year. The Pitreavie Business Park & Carnegie Campus make up the largest single centre for financial shared services in Scotland.
Major Companies with facilities in Fife include Lloyds Banking Group, Nationwide Building Society, BSkyB and Intelligent Finance. They sit alongside numerous successful local companies such as Paywizard growing successfully within the sector. The relative maturity of the sector means that Fife’s shared services value add is £103,000 per FTE, one of the highest in the country. And importantly staff turnover in Financial shared services is lower than the UK average at 10.7%.
Fife is also an attractive location for recruitment having lower housing costs, an effective public transport network, and multiple Leisure and Entertainment opportunities locally and within easy reach.
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